10 Questions
The International Accounting Standards Board was formed
d. To develop a single set of high-quality IFRS
Which statement is true regarding managerial accounting and financial accounting?
c. Managerial accounting need not follow GAAP while financial accounting must follow GAAP.
Which is not a purpose of the Conceptual Framework?
a. To provide specific guidelines for resolving situations not covered by existing accounting standards.
A Conceptual Framework should
c. Define the basic terms and concepts of accounting
Which is not a purpose of the Conceptual Framework?
d. To assist the Board of Accountancy in promulgating rules and regulations affecting the accountancy profession.
Which is a purpose of the Conceptual Framework?
d. All of these can be considered a purpose of the Conceptual Framework
Which statement is not true about the Conceptual Framework for Financial Reporting?
c. The Conceptual Framework is an IFRS
Managerial accounting emphasizes
d. Developing accounting information for use within an entity
IFRIC Interpretations issued by IASB
d. All of these are true about IFRIC Interpretations.
The International Accounting Standards Boar
b. Promotes the use of high quality and understandable global accounting standards.
Test your knowledge about the formation of the International Accounting Standards Board (IASB). Learn about the history and purpose of IASB and its role in global accounting standards.
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